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Sir Mervyn King today expressed disappointment at governments around the
world, accusing them of failing to use the breathing space provided by
quantitative easing schemes to reduce debt and reform their economies.

The outgoing Governor of the Bank of England used his final appearance before
the Treasury Select Committee to suggest that governments had wasted the
past five years, and soon it would be too late to undertake the changes
needed to return to sustained levels of growth.

Global debt levels remained dangerous high, he said, and it was not
“impossible to see how those debts will be honoured”.